The government has declared the Union budget 2022, and our honourable finance minister has announced a 30% flat tax on Crypto trading income. No deductions are allowed on these incomes. But a step ahead towards recognition in the budget 2022 is much appreciated.
The losses are not offset against any other income and gifting crypto coins are also liable for tax on the hands of recipients.
A long demanding wish of investors and traders to throw the lights on the taxes of digital income. Though the government is still not yet promoting trading it will be considered as an income of lottery, games winning prizes, jackpot etc.
It is enough for investors that income from cryptocurrency has got the label of legal asset though which is taxable.
The introduction of taxes on the transfer of digital assets is a welcome move towards its acceptance and upfront clarity of investors and buyers on how they are paying tax on their digital income.
India finally welcomed crypto income with tax levied on it. At a global glance, the acceptance of digital currency is much faster. It is the prediction that digital currency is the only means of exchange. Well, India is getting closer year by year.
The Reserve Bank of India will launch digital currency from 1 April as per the speech of Finance minister Nirmala Sitharaman.
Now it’s high time for cash-dependent India to join hands with the digital accepted currency like China and others. India is initiating its efforts towards the digital world and making international transactions more secure and transparent.
Now other countries will initiate their steps towards trading with countries like India but a high tax rate of 30% restricts some investors from entering the market.
Cryptocurrency is a digital currency that people can buy, sell or trade. A virtual currency that shows the owner of specific wealth as per the market rate. There are lots of cryptocurrencies available for investors among them mostly traded currency is bitcoin and Ethereum. These 2 are the market leaders of cryptocurrency.
These digital currencies are highly volatile, their rates are highly fluctuating. So, trading in cryptocurrency is not legal in India. But now income generated from cryptocurrency is taxable so it gets the authority of legal assets.
Now major companies, businessmen and entrepreneurs desired to make their cryptocurrency apps. Amar Infotech is a leading information technology company in India. We have expert cryptocurrency app developers who have achieved experience in their work.